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Elon Musk’s Tesla may set up factory in India in 2024: Report

Tesla and the Indian government are expected to finalize their agreement to import American-made automobiles to the nation. Tesla may enter the Indian market in 2024, according to reports.

According to Bloomberg, India is getting closer to a deal with Tesla Inc, which would allow the US manufacturer to transport cars to the nation. It is also predicted that as part of this agreement, Tesla would establish a manufacturing in India in 2024.

According to a source mentioned by Bloomberg, the transaction would be announced during the Vibrant Gujarat Global Summit in January 2024. Tesla is investigating Maharashtra, Tamil Nadu, and Gujarat as potential locations for an electric vehicle (EV) facility.

Tesla is also expected to make an initial investment of USD 2 billion to set up shop in India, and would look to increase purchases of auto parts from the nation to as much as USD 15 billion, reported Bloomberg.

According to sources, the plans are not yet finalized and may alter in the future. Elon Musk’s firm is interested in Maharashtra and Tamil Nadu because they already have well-developed ecosystems for electric vehicles and exports. Gujarat is being evaluated due of its tremendous growth in infrastructure development.

Aside from car components and EV shipments, Tesla Inc plans to manufacture certain batteries in the nation to save costs. Tesla presently has plants in the United States, China, and Germany, and the Modi government’s desire to increase EVs in India might result in a significant income gain for Elon Musk’s company.

The electric vehicle industry in India remains small, with battery-powered vehicles accounting for only 1.3% of total passenger vehicle sales last year.

While duties on importing Tesla automobiles into India might be quite exorbitant, costs for locally manufactured vehicles could be as low as Rs 15 lakh.

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